True....but SPC buy back for treasury......to keep down the cost of stock option. So, I think they view current price as good value......bear in mind 2Q08 is coming to an end and by now they have a pretty good idea of its performance....and interim divvy to be declared.

So, I think that their buy back is an indication of  their confidence that SPC price will not go much lower.

Personnal opinion.....  

Well, in this case, the Bloomberg report has erred. I too made a mistake...the S&P of SRC was in 2004 (not 2005)

http://www.spc.com.sg/investorcentre/press_details.asp?id=795

I would normally view these analysts report with a pinch of salt.

Report says:

1.  Share price dropped 13.2% in 2 weeks - agree. But that does not represent SPC will not slide further.

2.   High Crude Oil translate into better earning - agree to certain extent. E&P activities will significantly improved in their earning to SPC's bottom line. It could jump 100-200% in earning compared to last year. However, E&P started from a low base, a slight improved earning will represent huge jump in percentage.

3.  E&P is just a mere 3% of the overall earning last Quarter. So high CO will not improve earning overall. If RM improved, we will see significant jump in earning.

4.  Yield 10%??? I thought was 8-9% only. How come becomes 2 digit yield.

So I am still holding on my horses, waiting for the liulian to drop lah...hehehe...still squating there.

Why would liulian dropping slowly day by day be a prolonged painful death for some?
Trust those who couldn't stand the heat would have exited long ago.   

 I do agree that if SPC goes straight down and rebound would make everybody happy.